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Facebook now seems to recognize its original vision was a non-starter with regulators. So this week Marcus sketched out a new vision for Libra—one in which the Libra Association will shoulder significant responsibility for ensuring compliance with laws relating to money laundering, terrorist financing, and other financial crimes.
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While Wyoming is perhaps the most notable state to court the crypto industry, others have also joined in. Montana passed a crypto-friendly securities law in May. In South Dakota, Anchorage is following in the footsteps of fellow crypto custodian BitGo, which got the green light from state regulators in 2018.
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Fidelity Digital Assets has officially applied to the New York Department of Financial Services for a Trust license. If its application is successful, Fidelity Digital Assets (FDAS) would be cleared to add New York to the handful of states in which it currently operates its custody business for digital assets.”
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This Cleveland Fed paper shows that while the decentralized nature of the Bitcoin network “democratizes” payments, it is not obvious that the approach increases the equity or efficiency of markets or that the costs of the decentralized control structure won’t outweigh the benefits in the long run.
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“Phone numbers and email addresses added as profile attributes, those provided for security purposes such as two-factor authentication, those provided to the Facebook Messenger app for the purpose of messaging, and those included in friends’ uploaded contact databases are all used by Facebook to allow advertisers to target users.”
Kiffmeister’s Fintech Daily Digest 07/20/2019
